Canadian Wage Growth Hits Highest Level In 6 Years As Jobless Rate Stays At Record Lows

The job market lost some steam in April, but the overall picture remains bright.

Canadian Press

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OTTAWA — Wage growth hit its highest level in nearly six years last month as the economy posted a net loss of 1,100 jobs and an unemployment rate that held steady at 5.8 per cent.

Statistics Canada's latest jobs report shows wages in April were up 3.6 per cent compared with a year ago, the largest increase since October 2012.

The indicator, which is closely monitored by the Bank of Canada ahead of its interest-rate decisions, posted an annual increase of 3.3 per cent in March.

The overall decline in the number of jobs last month was so small the agency did not consider it statistically significant, while the unemployment rate stayed at its record low of 5.8 per cent for a third-straight month.